Measuring "State-Level" Economic Policy Uncertainty

被引：4
|
作者：
Elkamhi, Redouane [1 ]
Jo, Chanik [2 ]
Salerno, Marco [3 ]
机构：
[1] Univ Toronto, Rotman Sch Management, Toronto, ON, Canada
[2] Chinese Univ Hong Kong, CUHK Business Sch, Hong Kong, Peoples R China
[3] Healthcare Ontario Pens Plan Trust Fund, Toronto, ON, Canada
来源：
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2024年 / 59卷 / 07期
关键词：
POLITICAL UNCERTAINTY; STOCK RETURNS; CROSS-SECTION; INVESTMENT; GEOGRAPHY; RISK; IMPACT; MARKETS; SHOCKS; LAWS;
D O I：
10.1017/S0022109023000807
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We develop 50 indices of state-level economic policy uncertainty (SEPU) based on newspaper coverage frequency using 204 million newspaper articles from Mar. 1984 to Dec. 2019. We assess the validity of our measures. Our SEPU indices vary counter-cyclically with respect to state-specific economic conditions, rise before close gubernatorial elections, and exhibit a large cross-sectional variation. We demonstrate that SEPU indices are associated with the cross-sectional variation in state-level GDP, employment, income as well as industry investment decisions. Our findings highlight the importance of economic policy uncertainty at the state level in addition to the nationwide level.
引用
收藏
页码：3230 / 3266
页数：37
相关论文
共 50 条
  • [1] Measuring "State-Level" Economic Policy Uncertainty
    Elkamhi, Redouane
    Jo, Chanik
    Salerno, Marco
    JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2024, 59 (07) : 3230 - 3266
  • [2] State-level economic policy uncertainty
    Baker, Scott R.
    Davis, Steven J.
    Levy, Jeffrey A.
    JOURNAL OF MONETARY ECONOMICS, 2022, 132 : 81 - 99
  • [3] State-level economic policy uncertainty and Bank loan pricing
    Cox, Justin S.
    ACCOUNTING AND FINANCE, 2025,
  • [4] The Impacts of US State-Level Economic Policy Uncertainty on US State-Level Income Distribution: Asymmetric Approach
    Gocer, Ismet
    Ongan, Serdar
    Karamelikli, Huseyin
    BULLETIN OF ECONOMIC RESEARCH, 2024,
  • [5] Health care policy uncertainty and state-level employment
    Witvorapong, Nopphol
    Cheng, Chak Hung Jack
    EMPIRICAL ECONOMICS, 2024, 66 (06) : 2501 - 2532
  • [6] ECONOMIC-DEVELOPMENT AND STATE-LEVEL TRANSPORTATION POLICY
    FORKENBROCK, DJ
    PLAZAK, DJ
    TRANSPORTATION QUARTERLY, 1986, 40 (02): : 143 - 157
  • [7] State-level economic policy uncertainty (EPU) and firm financial stability: Is there any political insurance?
    Alam, Ahmed W.
    Farjana, Ashupta
    Houston, Reza
    ECONOMICS LETTERS, 2023, 225
  • [8] Firm investment steering through state-level policy uncertainty
    Alam, Ahmed W.
    Farjana, Ashupta
    Houston, Reza
    FINANCE RESEARCH LETTERS, 2023, 58
  • [9] Cautious or calculated? State-level policy uncertainty and corporate cash holdings
    Alam, Ahmed W.
    Farjana, Ashupta
    Houston, Reza
    Sanchez, Benito
    FINANCE RESEARCH LETTERS, 2025, 73
  • [10] The State-Level Impact of Uncertainty Shocks
    Mumtaz, Haroon
    Sunder-Plassmann, Laura
    Theophilopoulou, Angeliki
    JOURNAL OF MONEY CREDIT AND BANKING, 2018, 50 (08) : 1879 - 1899
12345